The EU May Vote to Ban Anonymous Crypto Payments

[aoluain]

Hey guys, if you wanto have a look at the final proposals of the actual draft, you can read them here.

I will have a read of that later, there is a lot to digest....

From the coindesk article posted above I'm a bit confused about certain points like:

National governments said in December they wanted to scrap the EUR 1,000
threshold for crypto, on the basis that digital payments can easily circumvent the limit,
and to include private wallets that aren’t operated by regulated crypto asset providers.

What the Fock does that mean and if it mean what I think it means, how can it be implimented,
Private wallets are......private.


The bottom line for me is this:

Under the new rules, Coinbase would have to report to the authorities any time a
customer received over EUR 1,000 of crypto from a self-hosted wallet, the exchange’s
CEO Brian Armstrong warned

So a work around would be to make smaller payments/transfers.

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[NotATether]

National governments said in December they wanted to scrap the EUR 1,000
threshold for crypto, on the basis that digital payments can easily circumvent the limit,
and to include private wallets that arent operated by regulated crypto asset providers.

What the Fock does that mean and if it mean what I think it means, how can it be implimented,
Private wallets are......private.


The bottom line for me is this:

Under the new rules, Coinbase would have to report to the authorities any time a
customer received over EUR 1,000 of crypto from a self-hosted wallet, the exchanges
CEO Brian Armstrong warned

So a work around would be to make smaller payments/transfers.

Small, regular payments can easily be detected and blocked. That's no good workaround.

One might be inclined to think that exchanges (the more strict ones, that is) will simply check to see whether  a particular address has transactions to one of its own internal address. Exchanges, by nature, do not know the addresses of other exchanges and thus would consider them private too. That means a KYC is prompted for fresh addresses as well as during inter-exchange balance transfer.

[roslinpl]

Actually the reason for the Europe and Russia was in different manner.Russia had banned the bitcoin for their holding,but the same Russia had changed his stand on his demand.Now the Eurozone do the same on different manner to revolts against the Russia.If they react to the normal way or directly this may leads to the world war.It’s only reason for the American to be silent.